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Exclusive: Project M&A

Construction company IVRCL sold its stake in highway project companies Salem Tollways, Kumara Palayalam Tollways, and IVRCL Chengapally Tollways, having a total project cost of Rs 2,200 crore to Tata Group promoted TRIL Roads [Mint]

IVRCL: Desai & Diwanji Mumbai associate partner Aneesh Gupte and senior associate Amanjot Malhi. Gupte said that the sale by IVRCL, which had been the firm’s client for around a year now, was one of the biggest in the highway infrastructure space recently.

Infrastructure takeout finance scheme

The government’s India Infrastructure Finance Company (IIFCL) financed Rs 400 crore under its takeout finance scheme that was first announced in the 2009-10 general budget, and again in the 2011-12 budget.

IDFC had loaned Rs 2,120 crore to MEP Infrastructure for five flyovers on Mumbai entry-points, to be worked on with Maharashtra State Road Development Corporation. IIFCL also financed Rs 419 crore to Pipavav Defence and Offshore Engineering Company under the scheme, for developing the Pipavav Port in Gujarat.

IIFCL has disbursed a total of Rs 2,126 crore during 2012-2013 under the takeout finance scheme [Hindu BL]

Cheema said: “In the budget of last year a major emphasis was laid on the infrastructure sector since it was reeling under a huge debt. It is still reeling under a huge debt, simply for the reason that large borrowings were made. To facilitate [the dissoultion of debt] the scheme has now been more proactively used since the last budget. Infrastructure companies are really going to the IIFCL.”

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